Canadian federal budget coming up next
Canada could unveil $30 billion budget
USD/CAD is down a half-cent ahead of Canadian Prime Minister Justin Trudeau's first budget. I wrote a preview of the budget yesterday. The details will start leaking out at 4 pm ET (2000 GMT).
The main number that might move the market is the budget deficit projection. It's set at around $18 billion this year but that doesn't include the fresh spending in this budget. A number that's floated around is $30 billion but the government might want to undershoot that, if only to maintain some semblance of fiscal responsibility.
I think CAD would like a bigger deficit at the moment to support near-term growth but it may all come back to the details.
In the meantime, here is one of the Canadian exports that hasn't fallen in value -- humour.
- The CBC has a preview as well.
- More from the Globe and Mail
- The National Post looks at how capital gains taxes could rise